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33% of SMEs do not know who owes them what |
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Written by Julie
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Sunday, 28 October 2007 |
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A leading UK based accounting software company has revealed the kind of worrying business statistics that would have Duncan Bannatyne and Peter Jones swivelling in their Dragons Den chairs. Over a third of SME owners admit they don’t know how much money they owe or are owed at any given time.
Over a third of small business owners have admitted that they do not have a clue how much money they owe or are owed at any given time. Added to this nearly half admit that they don’t have any form of system to alert them to the fact that an invoice is overdue.
The statistics, revealed by accounting software company KashFlow, demonstrates a worrying trend by business owners and comes at a time when the UK economy is slowing down.
Small business owners said in response to the survey that it would take them an average of 2 hours and 45 minutes to calculate how much money they owe or are owed.
The company commissioned the survey of 1479 small business owners from across the UK as part of its research into the mindset of small business owners as it looks to increase its market share of the accounting software market.
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Last Updated ( Sunday, 28 October 2007 )
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